SEATTLE, June 06, 2003 -- Boeing [NYSE: BA] today completed the sale of its wiring assembly plant in Corinth, Texas, to Labinal, Inc. The purchase terms were not disclosed.
Labinal, a Snecma Group company, is headquartered in Paris. The Corinth plant and its 800 employees become part of Labinal's North American Wiring organization.
In announcing the planned sale on April 15, Mary Armstrong, vice president and general manager of Boeing Commercial Airplanes' Aircraft Systems and Interiors group, said: "This agreement is the right thing for the Corinth employees, for the community and for Boeing. It allows Boeing to concentrate on our core strategy of large-scale systems integration and provides Corinth and its employees the opportunity to grow. Labinal is the world leader in the aerospace wire harness business and intends to prosper in this industry. The acquisition of Corinth will contribute to that growth."
Armstrong added: "We have entered into a long-term single-source supply agreement with Labinal and it will remain a valued partner of the Boeing team."